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scan0003 - Who Pays Taxes 0 TAX INCIDENCE 0 The actual...

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Unformatted text preview: Who Pays Taxes? 0 TAX INCIDENCE 0 The actual division of the burden of a tax between buyers and sellers in a market. LEGAL INCIDENCE o The party on which the tax is initially levied. ECONOMIC INCIDENCE o The party which bears the burden of the tax. The incidence of a tax does not depend on whether a tax is collected from the buyers of a good or from the sellers. Everyone who receives a paycheck has several different taxes withheld from it by their employers, who forward these taxes directly to the government. ...
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